Euro turns up, tops $1.43

DeborahLevine

NEW YORK (MarketWatch) -- The euro turned up against the dollar on Monday as traders said the sell-off went too far and that European Union officials will bail out Greece. "The details out of the EU finance ministers' summit has been slim but in principle, Germany, France and the [European Central Bank] have agreed that voluntary rollover of debt is the way to go," said Kathy Lien, a director of currency research at GFT. "There is no question that it will be a challenge to convince bondholders to rollover their debt but with the right terms, it could happen. Investors are also hopeful that Greece will receive its fifth bailout tranche in a timely fashion." She also noted reports that the European Financial Stability Fund upped the amount of debt it would guarantee. The euro
EURUSD, -0.7630%
turned up to $1.4321, after falling as low as $1.4190 and from $1.4290 in late North American trading Friday. The dollar index
DXY, +0.55%
which measures the performance of the U.S. unit against a basket of six other currencies, fell to 74.939, from a high of 75.472 and now down from 75.092 Friday.

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